Robbins LLP: Live Ventures Incorporated (LIVE) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against Live Ventures Incorporated (NasdaqCM: LIVE) in the U.S. District Court for the District of Nevada. The complaint is brought on behalf of all purchasers of Live Ventures securities between November 7, 2016 and January 6, 2017, for alleged violations of the Securities Exchange Act of 1934 by Live Ventures’ officers and directors. Live Ventures is a holding company for diversified businesses.
Live Ventures Accused of Intentionally Inflating Its Stock Price
According to the complaint, Live Ventures officials caused the company’s stock to trade at artificially inflated prices, reaching a high of $27.68 per share on December 28, 2016, the day the company issued a press release reporting inflated and false figures concerning its earnings per share. According to a January 6, 2017 SeekingAlpha article, Live Ventures paid several individuals and companies to publish articles touting the company, its business, and future prospects. Specifically, between November 2016 and December 2016, Michael J. Markowski, who reportedly receives income from companies for publishing favorable articles about them, published at least nine articles urging investors to buy Live Ventures stock “at market.” The report further stated that Live Ventures paid Markowski and others to write articles praising the company in order to spearhead a misleading informational campaign aimed at boosting the company’s stock price. On this news, Live Ventures’ stock price fell approximately 13% to close at $18.05 per share on January 6, 2017.
Live Ventures Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.